Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved significantly from the prior quarter and the year-ago quarter, driven by higher operating cash flow. The free cash flow margin strengthened compared to both periods.
- Revenue increased from the prior quarter and the year-ago quarter, while operating cash flow rose more sharply, leading to higher free cash flow after capital expenditure. The free cash flow margin improved as a result.
- Compared to the prior quarter, operating cash flow and free cash flow were higher, with capital expenditure also higher. Versus the year-ago quarter, all metrics improved, with operating cash flow and free cash flow showing notable increases.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
$934.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.1B
Cash generated by operations before capital spending.
CapEx
$193.6M
Capital spending and related asset purchases.
FCF margin
11.9%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2025-03-31 | $6.2B | $243.2M | $132.8M | $110.4M | 1.8% |
| 2025-06-30 | $6.8B | $295.7M | $140.3M | $155.4M | 2.3% |
| 2025-09-30 | $7.6B | $563.5M | $142.4M | $421.0M | 5.5% |
| 2025-12-31 | $7.8B | $1.1B | $193.6M | $934.0M | 11.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 296.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.5% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Strength
Operating cash flow was the strongest observable driver, rising substantially from both the prior quarter and the year-ago quarter, which directly boosted free cash flow.
Higher operating cash flow more than offset the increase in capital expenditure, resulting in improved free cash flow and margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased from the prior quarter and the year-ago quarter, while operating cash flow rose more sharply, leading to higher free cash flow after capital expenditure. The free cash flow margin improved as a result.
Compared to the prior quarter, operating cash flow and free cash flow were higher, with capital expenditure also higher. Versus the year-ago quarter, all metrics improved, with operating cash flow and free cash flow showing notable increases.
Monitor capital expenditure trends, as it increased from both the prior quarter and the year-ago quarter.